PREFORMED LINE PRODUCTS ANNOUNCES RECORD FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS.
CLEVELAND: Preformed Line Products Company (NASDAQ: PLPC) today reported financial results for its fourth quarter and full year ended December 31, 2022.
Q4 2022 Highlights:
Third consecutive record of quarterly net sales; increased 29% from comparable 2021 period
Record quarterly net income of $16.5 million
Diluted EPS of $3.28, an increase of 83% from Q4 2021, a new quarterly record
Full Year 2022 Highlights:
Fourth consecutive record of annual net sales; increased 23% from comparable 2021 period
Record net income of $54.4 million
Diluted EPS of $10.88, an increase of 51% from 2021, a new annual record
Net sales in the fourth quarter of 2022 were $169.9 million compared to $131.4 million in the fourth quarter of 2021, a 29.3% increase and a new record for quarterly shipments. Foreign currency translation reduced fourth quarter 2022 net sales by $8.0 million.
Net income for the quarter ended December 31, 2022 was $16.5 million, or $3.28 per diluted share, compared to $9.0 million, or $1.79 per diluted share, for the comparable period in 2021. The fourth quarter of 2022 net income benefited from the increased gross profit from the incremental sales, selling price increases and incremental sales from recent acquisitions. Gross profit as a percentage of net sales was 36.6% for the fourth quarter of 2022, an increase of 630 bps versus the same quarter in 2021.
Net sales for the full year 2022 were $637.0 million, compared to $517.4 million in 2021. This is the fourth consecutive year of record net sales and represents a 23.1% increase versus prior year. Foreign currency translation reduced full year 2022 net sales by $24.2 million.
Net income for the year ended December 31, 2022 was $54.4 million, or $10.88 per diluted share, compared to $35.7 million, or $7.19 per diluted share in 2021. Net income for the full year...
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